Midland States Bancorp completes branch buy

Effingham, Ill.-based Midland States Bancorp, Inc., completed its acquisition of the Mokena and Yorkville, Ill., offices of FNBC Bank and Trust. 

The $7.34 billion Midland, holding company of Midland States Bank, will continue to operate the Mokena office. The $663.1 million, LaGrange, Ill.-based FNBC has already closed its Yorkville office. Customers of the Yorkville office can use Midland’s existing branch in the same city. 

By acquiring the offices, Midland adds approximately $83 million of deposits and $17 million of loans. Midland States Bancorp expects the transaction will be slightly accretive to earnings immediately. 

Jeffrey Ludwig, Midland States Bancorp president and CEO, noted that a key company goal for this year is to expand the bank’s footprint in the greater Chicagoland area. “Acquiring this Mokena branch should help us to further our business development momentum in this comparatively faster growing market,” he added.